United American Land signs $30M refi loan with Israel Discount Bank for two properties in Soho

United American Land through the entity 419 Mm LLC as borrower signed a refi loan with lender Israel Discount Bank valued at $30 million for two properties including the office building (O5) at 449 Broadway in Soho, Manhattan and mixed-use building (K4) at 301 Canal Street in Soho, Manhattan.
The deal closed on June 29, 2021 and was recorded on July 15, 2021.
The two properties have 38,235 square feet of built space and 17,193 square feet of additional air rights for a total buildable of 55,450 square feet according to PincusCo analysis of city data. The loan price per built square foot is $784 and the price per buildable square foot is $541 per the PincusCo analysis.
The signatory for United American Land was Albert Laboz. The signatory for Israel Discount Bank of New York was Gardner Semet.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,000,000.

Albert Laboz is a principal of United American Land.
Within a 400-foot radius of 301 Canal Street, PincusCo identified 10 commercial real estate items of interests occurred over the past 24 months.
Of those 10 items, two were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $325,600 and one initial temporary certificate of occupancy issuance for a project that initially costed $847,353. The most recent of these two items was the permit on December 18, 2020 for a 6,502-square-foot office B building with one residential unit at 274 Canal Street.
Of those 10 items, two were sales above $5 million totaling $109.5 million. The most recent of the two was Javeri Capital which bought the 11,000-square-foot, five-unit mixed-use building (K4) on 35 Howard Street and one other property for $11.2 million from Jergil Mfg. Corp. on July 9, 2021.
Of those 10 items, six were loans above $5 million totaling $110.4 million. The most recent of the six was Javeri Capital which borrowed $9.6 million from Maxim Credit Group secured by the 11,000-square-foot, five-unit mixed-use building (K4) on 35 Howard Street and one other property on July 9, 2021.

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